CTS Eventim acquires Italian promoter Vertigo
CTS Eventim is to acquire a majority stake in Milan-based promoter Vertigo, marking its entry into the Italian live entertainment market.
The acquisition of 51% of Vertigo bolsters CTS’s presence in Italy, where the German ticketer/promoter already owns TicketOne, one of Italy’s two main ticketing companies (along with Best Union’s Vivaticket).
Vertigo will continue to be led by co-founders Andrea and Stefano Pieroni – although CTS gains two seats on its management board, and the company will be “fully consolidated” into its Medusa Music Group division.
“Italy is already one of the most important markets for our company, so entering the live entertainment segment there is a logical step in our ongoing internationalisation,” comments CTS Eventim CEO Klaus-Peter Schulenberg. “I am all the more delighted by the fact that, by acquiring the stake in Vertigo, we are also taking on board a highly creative, fast-growing and superbly managed promoter.”
The acquisition, the terms of which are finalised but were not disclosed, means CTS Eventim now promotes shows in eight countries – Germany, Austria, Switzerland, Denmark, Sweden, Finland and the Netherlands and Italy – in addition to selling tickets in 25.
“The partnership with CTS Eventim is a milestone for Vertigo and will help us take the next step forwards in our development”
Vertigo was already a partner of TicketOne, which was earlier this year fined €1m after it emerged tickets has been passed directly to the secondary market.
Vertigo CEO Andrea Pieroni says: “The partnership with CTS Eventim is a milestone for Vertigo and will help us take the next step forwards in our development. We want to enlarge our portfolio even further over the next few years and offer a creative and service-centred base to different styles of artists from Italy and abroad.
“The fact that CTS Eventim will be supporting us from now on with its resources and its unique expertise is an enormous boost for our team and our partners.”
Upcoming shows for Vertigo include Alice Cooper, The Darkness (pictured), Caparezza, Marilyn Manson and Him.
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.